I'm going through a divorce, how does a quit claim work and is it something i should even consider?

sunshine sharon,the quit claim deed will only remove you form the Deed, you will still be on the "hook for the loan.you need to consider a refinance if you want to remove yourself from the loan.emarez@thefederalsavingsbank.com

A Quit Claim deed the title to your house.. if your going through a divorce and she is getting the house, then you sign a quit claim deed which is relinquishing your ownership interest in the property.. this is only in regards to title to the home... if you signed taking responsibility for a mortgage against the same property, the quit claim deed does not relieve you of your contractual obligation to pay, so if your soon to be x spouse does not make the payments, you would still be obligated, regardless of what a divorce decree says.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It's simply is an insturment to change ownership to the property. However, it in no way releases the obligation of the other party (I assume your husband) from the financial obligation of a loan if there is one against the property. This can also be achieved by a "Warranty Deed". My advice would be to consult a real estate attorney on how to get it completed properly. If you need a release from the financial obligation, that will involve a refinance. Hope that helps. Drop me a line or email if you need further assistance. Good Luck!

A quit claim deed is just going to remove your interest in the title of the property. If you are on the mortgage or any liability that is tied to the property you will still be held liable for this and any negative impacts could be tied to your credit still.